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    The Marketing Plan Market Segmentation: Identifying and Analyzing Markets

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    Emily Lauren Hardy
    This document discusses market segmentation and the four factors used to segment markets: demographics, geographics, psychographics, and behavioral factors. Demographics refers to statistics like age, gender, income, education that describe a population. Geographics refers to segmentation based on location. Psychographics involves grouping people with similar lifestyles and attitudes. Behavioral factors look at benefits desired, shopping patterns, and usage rates. The document also discusses mass marketing versus segmentation, with mass marketing using a single strategy for all customers.

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    The Marketing Plan Market Segmentation: Identifying and Analyzing Markets

    Uploaded by

    Emily Lauren Hardy
    24 views2 pages
    This document discusses market segmentation and the four factors used to segment markets: demographics, geographics, psychographics, and behavioral factors. Demographics refers to statistics like age, gender, income, education that describe a population. Geographics refers to segmentation based on location. Psychographics involves grouping people with similar lifestyles and attitudes. Behavioral factors look at benefits desired, shopping patterns, and usage rates. The document also discusses mass marketing versus segmentation, with mass marketing using a single strategy for all customers.

    Original Title

    Ch2.2 Notes

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    This document discusses market segmentation and the four factors used to segment markets: demographics, geographics, psychographics, and behavioral factors. Demographics refers to statistics like age, gender, income, education that describe a population. Geographics refers to segmentation based on location. Psychographics involves grouping people with similar lifestyles and attitudes. Behavioral factors look at benefits desired, shopping patterns, and usage rates. The document also discusses mass marketing versus segmentation, with mass marketing using a single strategy for all customers.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    24 views2 pages

    The Marketing Plan Market Segmentation: Identifying and Analyzing Markets

    Uploaded by

    Emily Lauren Hardy
    This document discusses market segmentation and the four factors used to segment markets: demographics, geographics, psychographics, and behavioral factors. Demographics refers to statistics like age, gender, income, education that describe a population. Geographics refers to segmentation based on location. Psychographics involves grouping people with similar lifestyles and attitudes. Behavioral factors look at benefits desired, shopping patterns, and usage rates. The document also discusses mass marketing versus segmentation, with mass marketing using a single strategy for all customers.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    Chapter 2.

    2
    The Marketing Plan
    Market Segmentation

    Identifying and Analyzing Markets


    Companies identify groups of people who have common interests and traits. This is
    called . Businesses use these groups to create market-
    specific ads and products.

    Market segmentation is the process of analyzing and classifying customers in a


    given market to create smaller, more precise target markets.

    The four factors that help segment a market and describe a target market are:
    • ____________________________________
    • ____________________________________
    • ____________________________________
    • ____________________________________

    Demographics
    Refers to statistics that describe a population in terms of
    _________________________________________________ such as:
    • Age
    • Gender
    • Income
    • Marital status
    • Ethnic background
    • Education
    • Occupation

    When calculating how much products should cost, marketers look at:

    • income - The money left over after taxes are


    taken out of a consumer’s income.

    • income - The money left over from a


    consumer’s income after paying for basic living necessities such as food,
    shelter, and clothing.
    Chapter 2.2

    Geographics
    The term refers to segmentation of the market based on
    _ . To segment a market
    geographically, you can refer to:
    • Local and regional markets
    • National and global markets

    Psychographics
    involves grouping people with similar:
    • Lifestyles, attitudes, values, and opinions.

    Ever notice how magazines are always grouped together based on this
    principle?

    Psychographics - Studies of consumers based on social and psychological


    characteristics.

    Behavioral
    Separating the market based on involves
    looking at the:
    • Benefits desired by consumers
    • Shopping patterns
    • Usage rate

    By studying consumer behavior, many businesses find that ______ percent of a


    company’s sales are generated by _____ percent of its customers. This
    phenomenon is known as the __________________________________.

    Mass Marketing versus Segmentation


    ________________________ involves using a single marketing strategy to reach
    all customers. When products have ________________________ and few features
    differentiate them from competitors, mass marketing is used.

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